Real estate financing insurance? Have you made yours? Whoever purchased a residential or commercial property with long-term installment payments needs to protect themselves from any emergency situations. If you are financing a property and are looking for an insurance to protect your home and family ‘s financing . The Santander financing insurance can be an excellent alternative.
It does not matter if you bought a house or an apartment, a commercial or residential property, your home is undoubtedly your castle and your trade is your livelihood, if the good was financed you should certainly have a protection insurance. Nothing is fairer than protecting you against any harm that may occur, so the importance of doing a Real Estate Financing Insurance to assist you at the time of the tightening, especially in cases of default due to loss of employment. The insurance of the real estate financing has several coverages we will see which are the most important.
Two types of insurance are included in the real estate financing:
Death and Permanent Disability (MIP) and Property Damage (DFI). In case of “involuntary unemployment”, the Insurance may also partially cover or the total amount of the payment of 3 to 8 installments of real estate financing. This coverage is exclusively for professionals with employment and employee relationship.
In order not to leave the consumer with any doubts, Banco Santander understands that a salaried employee is one who has a formal employment relationship, regardless of whether the employer is an individual or a legal entity, provided that he establishes the professional relationship through a labor contract governed by the Consolidation of Labor Laws .
In the event of a claim, the insured must prove that he or she has had an employment relationship in the company for at least one continuous year through the Work and Social Security Card – CTPS with the same employer or with a gap of less than 1 month in case change of job.
In the case of Temporary Physical Impairment, “Real Estate Financing” will also pay for partial or total payment of 3 to 8 installments of Real Estate Financing in proven situations of accident, illness or loss of income.
This coverage is exclusive to the profile of autonomous regulated and professional liberal.
Also in order to clarify any doubts, Banco Santander understands that liberal and autonomous professionals are those who work providing services without any employment relationship, making this their main source of income.
It is possible to prove the autonomous or professional work through the Income Tax, the Social Security Collection Guide, GRPS and the Autonomous Payment Receipt, the RPA. In the event of an accident, Banco Santander does not impose a grace period for the use of insurance in real estate financing.
This product, “Insurance real estate financing” is mandatory according to the Central Bank for this line of credit, as well as in the pre-approved personal loan, which to lower interest rates, the bank pushes the loan protection Insurance by raising the Cost Effective Total final.